Sec. 7.5. (a) A person is entitled to a credit against the person’s property tax liability for property taxes first due and payable after 2009. The amount of the credit is the amount by which the person’s property tax liability attributable to the person’s:

(1) homestead exceeds one percent (1%);

Terms Used In Indiana Code 6-1.1-20.6-7.5

  • agricultural land: refers to land assessed as agricultural land under the real property assessment rules and guidelines of the department of local government finance. See Indiana Code 6-1.1-20.6-0.5
  • gross assessed value: refers to the assessed value of property after the application of all exemptions under Indiana Code 6-1.1-20.6-1.6
  • homestead: refers to a homestead that has been granted a standard deduction under Indiana Code 6-1.1-20.6-2
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • long term care property: means property that:

    Indiana Code 6-1.1-20.6-2.3

  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • property tax liability: means , for purposes of:

    Indiana Code 6-1.1-20.6-3

  • residential property: refers to real property that consists of any of the following:

    Indiana Code 6-1.1-20.6-4

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) residential property exceeds two percent (2%);

(3) long term care property exceeds two percent (2%);

(4) agricultural land exceeds two percent (2%);

(5) nonresidential real property exceeds three percent (3%); or

(6) personal property exceeds three percent (3%);

of the gross assessed value of the property that is the basis for determination of property taxes for that calendar year.

     (b) This subsection applies to property taxes first due and payable after 2009. Property taxes imposed after being approved by the voters in a referendum or local public question shall not be considered for purposes of calculating a person’s credit under this section.

     (c) This subsection applies to property taxes first due and payable after 2009. As used in this subsection, “eligible county” means only a county for which the general assembly determines in 2008 that limits to property tax liability under this chapter are expected to reduce in 2010 the aggregate property tax revenue that would otherwise be collected by all units of local government and school corporations in the county by at least twenty percent (20%). Property taxes imposed in an eligible county:

(1) to pay debt service:

(A) on bonds issued before July 1, 2008; or

(B) on bonds that:

(i) are issued to refund bonds originally issued before July 1, 2008; and

(ii) have a maturity date that is not later than the maturity date of the bonds refunded;

(2) to make lease payments on leases entered into before July 1, 2008, to secure bonds;

(3) to make lease payments on leases:

(A) that are amended to refund bonds secured by leases entered into before July 1, 2008; and

(B) that have a term that is not longer than the term of the leases amended; or

(4) to make lease payments on leases:

(A) that secure bonds:

(i) issued to refund bonds originally issued before July 1, 2008; and

(ii) that have a maturity date that is not later than the maturity date of the bonds refunded; and

(B) that have a term that ends not later than the maturity date of the bonds refunded;

shall not be considered for purposes of calculating a person’s credit under this section.

As added by P.L.146-2008, SEC.223. Amended by P.L.205-2013, SEC.77.

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